Kentucky Housing Corp. (KHC) has awarded $13.7 million in 2019 low-income housing tax credits (LIHTCs) to 19 developments across the state in conjunction with $2.1 million in HOME funds and $1.5 million from the Affordable Housing Trust Fund.
The funding will help finance 855 affordable housing units in 18 of the commonwealth’s counties. KHC received 30 applications requesting over $21 million in LIHTCs for the fiscal 2019 application round.
KHC included a new strategy in its 2019-2020 qualified allocation plan (QAP) to incentivize innovative housing solutions, with four of the 19 developments awarded financing achieving the objective.
“We must look for new and innovative ways to deliver housing solutions that lead to improved outcomes, and these four innovative projects are the culmination of strategic efforts over the last year and a half, by KHC and partners, to provide holistic housing solutions,” said KHC executive director Edwin King in a statement. “By leveraging our affordable housing resources with other public and private resources, we are creating new, replicable housing models that will help Kentuckians break the cycle of poverty, reach self-sufficiency, and have better opportunities for success.”
The innovative developments that received funding based on the QAP include:
- Kit Carson Commons—Developed by Kentucky River Foothills Development Council, the project located on the edge of Eastern Kentucky University’s campus in Richmond will provide 30 two- and three-bedroom units targeting single-parent families with a preference for single-parent veterans. It also will include a community service facility, which will be used to provide workforce training for the residents and the public.
- Maddox Manor—Developed by Wabuck Development, the project will include 40 units designed to serve the elderly in Glasgow. To help the residents age in place, an on-site community service facility will utilize the Medicare waiver program to provide services to residents and the surrounding community. Also, one duplex in the community will be designed to Passive House standards to serve as a pilot for the benefits of the energy-efficiency model.
- Ransdell Living and Learning Center—Housing Assistance and Development Services will rehab 16 units in three buildings. Eight units will serve adults with autism spectrum disorder, while the remaining eight family units will have a preference on the waiting list for individuals or families with autism. Western Kentucky University is a crucial partner because of its Kelly Autism program, which assists individuals with living skills, employment skills, and assisting individuals to obtain a degree.
- Westminster Apartments—Fifty-one units will be created by renovating the top four floors of a vacant apartment building on developer Presbyterian Homes and Services of Kentucky’s Louisville campus, which also includes a 50-unit personal-care facility and a 112-bed nursing facility. The University of Louisville Institute for Sustainable Health and Optimal Aging will serve as the supportive-services provider.